Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 5,518, 2,088 total housing units (homes and apartments), and a median house value of $200,228, house prices in Gray are solidly below the national average.
Single-family detached homes are the single most common housing type in Gray, accounting for 62.21% of the town's housing units. Other types of housing that are prevalent in Gray include mobile homes or trailers ( 32.23%), large apartment complexes or high rise apartments ( 3.73%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.10%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Gray. Owner-occupied housing accounts for 80.06% of Gray's homes, and 75.87% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Gray built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Gray built between 2000 and later ( 33.59%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.70%). There's also some housing in Gray built before 1939 ( 1.02%).
Vacant housing appears to be an issue in Gray. Fully 11.45% of the housing stock is classified as vacant. Left unchecked, vacant Gray homes and apartments can be a drag on the real estate market, holding Gray real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Gray, where house values have increased just 44.18%, which is annualized rate of 3.73%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Gray's appreciation rate, at 7.07%, has been at or slightly above the national average. In the latest quarter, Gray's appreciation rate has been -1.64%, which annualizes to a rate of -6.40%.
Notably, Gray's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Gray's latest annual appreciation rate is higher than 80% of the other cities and towns in Louisiana.
$200,228
for Louisiana
for nation
2,088
$1,659 / per month